any insight on how I got liquidated?
Last night 22.15pm bought £100 of xrp on xrp/busd x5. Buy price 0.4922.
Went to sleep and woke up this morning funds are gone. Lowest it went to were .4811.
It is my understanding that at x5 it would need to drop 20% to be liquidated, but it only dropped (~2%?)
I realise funds are gone so my calculations were obviously wrong, just some help understanding why would be very helpful, thanks in advance
The only explanation then is that the value of your collateral dropped significantly and thus the value of your debt exceeded the value of your assets + margin maintenance.
The liquidation of 5X at entry of USD 0.4922 is 0.3988 so I’ve absolutely no idea why u got liquidated coz the price didn’t go down much. In fact I’ve had an order at 0.4 for more than 2 days now and it didn’t fill.
The only thing I would look at is if you are using Cross Margin and had other positions open. Binance announced that they will stop cross margin soon. Maybe the XRP margin was used for other coins. If that’s not the case then something is wrong and you should contact customer support over the app (not here).
The lowest it went was 0.476. That’s USD.
Order number : 973209756
If that’s any use
Thanks for everyone help.
This is now sorted. Funds were not lost!
Did Binance sent you a text message?
Hey there! We’d like to examine your transaction in detail and explain the situation to you. Please connect with our support team via live chat [www.binance.com/en/chat](https://www.binance.com/en/chat) (For app: Dashboard > Profile icon > Help & Support > Chat)
Select the closest category to your issue (please type your issue with a couple of keywords), and connect to chat. After the automatic reply from the chatbot, please choose “Unsolved” and then click to “Leave Message now” and leave your message. We will assign an agent to assist you as soon as possible. Thanks! ^KO
We would need your maintenance margin amount to calculate, but the formula is extremly complex.
You can’t go to sleep when you open a 5x position. When you are about to be liquidated you need to either close it, or add margin.
Why would you put good money into something you don’t understand?
I was wondering if leverage liquidation price is always above the market/entry price.
I learned the hard way too- that you can’t leave volatile crypto trades to their own devices and go to bed, you have to put the trade to bed too by converting to a stablecoin like the dollar token till your back or set your trading platform to sell at a given price point reduction to set your max loss. My $600 in Bch is now worth about $60, just vanished in an hour when crypto in general crashed . Its perfectly normal to lose everything very quickly if you leave it out there unsupervised, especially if a trade is leveraged where the loss is multiplied and wipes you out hence being left with nothing instead of your crypto still being there but of much lower value as in my case.
Inbox me
Happened to me multiple times. Unregulated industry. Exchanges are shady af